OKA CORPORATION BHD

Notes to the interim financial report for the second quarter ended 30 September 2003 

1.	Basis of preparation

The interim financial report is unaudited and has been prepared in compliance with MASB 26, Interim Financial Reporting and Chapter 9 Part K of the Listing Requirements of the Kuala Lumpur Stock Exchange.

The interim financial report should be read in conjunction with the audited financial statements of the Group for the year ended 31 March 2003.

The accounting policies and methods of computation adopted by the Group in this interim financial report are consistent with those adopted in the financial statements for the year ended 31 March 2003 except for the adoption of :-

i  ) MASB 19, Events After Balance Sheet Date, MASB 23, Impairment of Assets          
      and MASB 24, Financial Instruments : Disclosure and Presentation which                   
      have been adopted retrospectively.

ii ) MASB 20, Provisions, Contingent Liabilities and Contingent Assets and          
     MASB 21, Business Combinations which are applied retrospectively .                     
 
The following notes explain the events and transactions that are significant to an understanding of the changes in the financial position and performance of the Group since the financial year ended 31 March 2003.

2.	Audit Report

The preceding financial year audit report in respect of the financial year ended 31 March 2003 was not qualified by external auditors.

3.	Property, plant and equipment

The Group did not carry out any revaluation on its property, plant and equipment in the financial year to date. The valuations of land and buildings have been brought forward, without amendment from the previous annual report.

4.	Trade and other receivables

Included in trade and other receivable is an amount of RM767,529 being tax instalments overpaid by the Group to Inland Revenue Department.

5.	         Dividends Paid                                              6 months ended 30 September
                                                                                       2003                         2002
                                                                                      RM’000                  RM’000
             First and final dividend of 8 sen
             per ordinary share, less tax, in respect
             of the financial  year ended 31 March 
             2003                                                                   2,304                          -                             

                                                                             2,304                          -

6.	Seasonal or cyclical factors

Apart from the traditional variations in the level of business activities, the Group’s activities are not affected by any  seasonal or cyclical factors in the second quarter.

7.	    Segment Reporting

	Revenue	Profit before tax	
	           6 months ended	
	       2003	                   2003	
	  RM’000	              RM’000	
Manufacturing	   21,582	                  4,631	
Trading (Readymixed)	     2,385	                     182	
Non-segment	           -	                    (146)	
	   23,967	                  4,667	

8.	Capital commitments

                                                                                                          	  30September 2003	
	                 RM’000	
Approved and contracted for 		
   landed properties	                        305	
	                        	
	                        305	

9.	   Material changes in estimates 

There were no material changes in the estimates used in the current quarter compared to the estimates used in the previous financial year, which have a material effect in the current quarter or the financial year to date.

10.     Effect of changes in composition of the Company

      There were no changes in composition of the Company for the current financial year to date.

11.      Changes in contingent liabilities or assets

There are no contingent assets at the date of quarterly report.
The note on contingent liabilities is disclosed in Note 11 under additional information required by the KLSE’s Listing Requirements.

12.     Events subsequent to the balance sheet date 

There were no material events subsequent to the end of the quarter that have not been reflected in the financial statements.